Promoters Bought 21,97,375 Shares: Penny Stock At Rs 20.70 Locked In 10 Per Cent As Board Allocates 13,33,33,333 Shares To FIIs
The shares of the company saw a spurt in volume by more than 3 times on BSE and stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 10 per share.
On Friday, one of the Top Gainers on BSE, shares of Zee Media Corporation Limited were locked in a 10 per cent upper circuit and hit a 52-week high of Rs 20.70 per share from its previous closing of Rs 18.82 per share. The shares of the company saw a spurt in volume by more than 3 times on BSE and stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 10 per share.
The Company proposes to issue up to 13,33,33,333 Warrants at an issue price of Rs 15 per Warrant, aggregating to a maximum of Rs 200 crore. These Warrants are fully convertible or exchangeable into one fully paid-up equity share at Rs 15 per share. The Warrants will be issued preferentially to non-promoter. A 25 per cent payment is required at the time of Warrant subscription and allotment, while the remaining 75 per cent is payable within 18 months of Warrant allotment, upon exercising the option to convert each Warrant into an equity share.
The shares were allotted to 3 FIIs. UNICO Global Opportunities Fund Limited bought 4,50,00,000 shares, AL Maha Investment Fund PCC - Onyx Strategy bought 4,50,00,000 and Ebisu Global Opportunities Fund Limited bought 4,33,33,333 shares.
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About the Company
Zee Media Corporation Ltd (ZMCL), established in 1999, is a major player in the Indian news and broadcasting industry. With a presence across television and digital platforms, ZMCL reaches a vast audience. Their core business lies in broadcasting news and current affairs, along with regional entertainment channels.
ZMCL boasts an impressive network of 15 news channels, including a global channel, 3 national channels, and 11 regional channels. This extensive reach caters to viewers across India and provides diverse news coverage in multiple languages. Additionally, their digital platform, Zeenews.com, offers news in 9 languages, further expanding their reach to over 280 million users.
The company has a market cap of Rs 1,294.64 crore and promoters bought 21,97,375 shares and increased their stake to 0.42 per cent in June 2024 compared to 0.07 per cent in March 2024. Investors should keep an eye on this penny stock.
Disclaimer: The article is for informational purposes only and not investment advice.